Away from the US election for a moment, and more signs of a slowing UK economy.

The National Institute of Economic and Social Reseach has estimated that UK output grew by 0.4% in the three months to the end of October, compared to growth of 0.5% in the three months to September.

The think tank’s Oriol Carreras said “Our estimates suggest the economy grew by 0.4 per cent in the three months to October. Robust consumer spending growth continues to support the economy. Looking ahead, this contribution from consumers is expected to wane over the course of next year due to a substantial rise in the rate of inflation.”

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Given the lack of news, City traders could easily have taken today off.

And looking at the stock market right now, maybe they already have! The blue-chip Footsie index is barely changed this morning, and sterling has dipped a little.

FTSE 100: up 0.4 points or 0.01% at 6807

The pound: down 0.15% at $1.2381

It could be the calm before the hurricane, though. Trading floors will be pretty lively places tomorrow morning, especially if there’s a shock result.

Paul Sirani, chief market analyst at Xtrade, explains:

“The danger here of a Brexit-like shock is overblown; voter behaviour for one-off referendums is not comparable to that of routine elections.

“However, if Trump is named the 45th President of the United States, then there’s certain to be traders running across the floor throwing papers in the air. An initial overreaction, comparable to the UK Brexit experience to-date, is likely before markets settle again.”

Betfair has seen a late flurry of wagers on Hillary Clinton who currently has a 78% chance of victory at its site.

Barry Orr, Spokesperson for Betfair, says that 80% of presidential bets yesterday were on the Democratic candidate.

There’s been around £7m traded in the last 24 hours and with so much money coming into the market the odds are likely to continue to fluctuate throughout the day and into the night.

“With nearly £118m now traded it’s hard to see how it won’t surpass the £127m betting market record set by Brexit in June. It’s unlikely the market will trade anywhere near as much as Brexit did once polls were closed, which occasionally hit £10k per second, but if it does we would easily be looking at more than £150m total traded on the market.

City firms prepare for all-nighter

Many City traders are preparing for a sleepless night, to help deal with a rush of action once polling results come in.

ETX Capital, for example, will be fully staffed overnight, and expects to face plenty of volatility.

Analyst Neil Wilson explains:

Market action could hinge on one or two moments - for example the Florida result, key for Trump’s chances for the presidency, is vitally important.

This will create some big opportunities in some of the most exposed markets, particularly around some of the key currency pairs, stocks and gold.

But a word of warning - there could be some wild gyrations in prices, making this potentially the most turbulent trading sessions since Brexit. Looking to the results, if key states start to lean towards Trump, we may see sizeable risk-off selling as investors flee to havens like the Swiss franc, Japanese yen and gold. US government bond yields could sink and gold would soar.

Turbulence could come quickly – polls in the vital swing states of Florida, Ohio, Pennsylvania and North Carolina close between 7pm and 8pm (EST), which is midnight-1am GMT. You can expect markets to be highly sensitive to the results from these states. If they are called for either side early we will have a very clear idea about where the markets are headed.

And if that’s not enough action, there’s also the England vs India test match!

Neil Wilson (@neilwilson_etx)

Plans for tonight mostly revolve around how to watch and listen to US election coverage while also listening to the 1st Test @bbctms